IRLAB Therapeutics AB (publ) announced that the company has made a drawdown of SEK 25 million within the framework of a loan facility totaling SEK 55 million that was issued by Fenja Capital, previously Formue Nord, in December 2023. The amount constitutes the second and final tranche of the loan facility, which has thus now been utilized in full. RLAB has a world-leading portfolio of drug candidates aiming to transform the lives of people living with Parkinson's disease and other neurological diseases.

The portfolio, including five drug candidates of which three are in the clinical phase, has recently continued to develop extremely well. The cash injection increases IRLAB's ability to strengthen the company's development projects and ongoing business development activities to facilitate attractive agreements with licensees, partners and other collaborators for the drug candidates in the portfolio. The loan amounts to a total of up to SEK 55 million and is divided into two tranches.

The first tranche of SEK 30 million was paid out upon signing of the loan agreement in December 2023, and the second tranche, SEK 25 million, was drawn on May 23, 2024. The loan matures for payment on May 22, 2025. The lender has the right to convert SEK 10 million of the loan to shares at a share price corresponding to 130% of the volume-weighted average price during 10 trading days preceding the date of signing of the loan agreement.

In addition to a set-up fee amounting to 5% of the loan facility, the loan carries an annual interest rate of STIBOR 3M + 10% of the outstanding loan amount and will be paid at the end of each calendar quarter. IRLAB has the right to repay the loan at any time without any redemption fee. The Board and company have assessed the loan terms as market competitive and consider taking the loan to be in the best interest of both the company and its shareholders.